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Birmingham New Street’s makeover brings Britain’s second city’s powerhouse dream one step closer
September 28, 2015Article by Clare Moorhouse
Plans for the Midlands’ future as an ‘economic powerhouse’ drew one step closer last week as one of the UK’s largest and busiest train stations, Birmingham New Street, completed a £750 million makeover.
What was once an old, dark and unloved train station has now been transformed into a bright, open and welcoming concourse, boasting a state-of-the-art glass-roofed atrium to let in natural light across its 12 refurbished platforms.
The adjoining redeveloped shopping centre, Grand Central, opened its doors to the public last Thursday. Network Rail hopes that the station will become a retail destination in its own right, helping to revive the local area in the way that St Pancras has in London.The scheme is expected to create up to 30,000 jobs in the city and is sure to have a catalytic effect on further regeneration, as well as boost the Birmingham property market.
Midlands now part of the Northern Powerhouse plan
The Chancellor, George Osborne, extended the ‘Northern Powerhouse’ plan to the Midlands earlier this year in an attempt to re-balance the UK economy and make the region an ‘engine for UK growth’.
In addition to the completed New Street, the city has other significant regeneration works planned for the future, including a high speed rail link (HS2) between Birmingham and London. Both of which will help to provide more robust infrastructure to the growing city.
Full steam ahead
Indeed the news of the station’s makeover and opening last week was also welcomed by property investors at No. 1 Hagley Road in Birmingham, located close to Five Ways station which is just a 5 minute journey to Birmingham New Street, putting their investment full steam ahead for high tenant demand and attractive yields.
Ray Withers, CEO of Property Frontiers and a man of the Midlands, comments: “The revitalization of Birmingham New Street station is great news for our investors at No. 1 Hagley Road. Not only will the new station meet the growing needs of people who commute in and out of the city every day, it will also stimulate economic growth in the CBD, creating jobs and attracting businesses. It also means our investors at No.1 Hagley Road, just minutes from the station, will benefit from increased tenant demand when the project completes in December this year.”